The online tax free “grey economy”, as coined by Radio 2GB’s Ross Greenwood, is becoming an increased focus area for the Australin Taxation Office (ATO). Ross reciently chatted to our Senior Tax Writer, Terry Hayes, on his Sunday Business program about the ATO’s crackdown on online selling.

In this podcast, Terry and Ross discuss the ATO’s use of data-matching of online sellers. If you’re doing it professionally, the tax office wants to know.

There are certian tax obligations that need to be met by individuals selling items to the value of $10,000.00 or more. The ATO have invested in huge data warehouses to begin the data-matching process to assist in uncovering those individuals not meeting their tax obligations as regular, professional goods and services sellers opperating online. They also take a detailed look the ATO’s focus on eBay sellers and their current investigation into eBay seller activity.

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About the Contributor

Terry Hayes is a Senior Tax Writer with Thomson Reuters and Technical Editor for the Thomson Reuters Australian Financial Planning Handbook. Terry also heads the Thomson Reuters Tax Newsroom. He is also a columnist for various professional journals and a regular contributor on tax issues to the SME SmartCompany website.

For a number of years, Terry also participated in the weekly tax segment on David Koch’s then “Money Talks” program on Radio 2GB in Sydney. Terry’s experience stems from 12 years at the Tax Office, including senior levels in the Head Office in Canberra and the “Big 4” environment at Price Waterhouse (as it then was) in Sydney. Terry is also a Registered Tax Agent.